The road to selling, buying or leasing a commercial property is a bumpy one if you navigate it alone. When it comes to commercial real estate transactions, you need an experienced advisor to facilitate the guidance. As more and more investors venture into the commercial real estate market, the number of emerging commercial real estate agents is tremendously increasing.
The kind of real estate agent you choose to handle your transaction will significantly affect our bottom line. The goal of this article is to help you narrow your search and find the very best agent to handle the business for you. It will discuss four important things that you ought to look for when interviewing potential candidates.
Experience in Commercial Deals
Is your real estate agent a residential broker moonlighting in the commercial market? Find out the percentage of commercial transactions that an agent represents each year so as to determine their experience in commercial real estate. Look for an agent who works exclusively or specializes in commercial real estate properties. This will give you the assurance that they are familiar with the intricacies involved in selling/buying as well as marketing commercial properties.
Level of Education
Like selecting a lawyer or a doctor, it should be in your interest to do a little research on the educational background of the person you shall select as your real estate agent. With a real estate agent license, one can legally sell any type of property, but they might lack knowledge in selling a particular type of property.
Most real estate agents will further their studies so as to become competent in a specific type of real estate. As such, it is advisable to ask your prospective broker what advanced education they have in commercial real estate. Professional commercial real estate agents will have the designation CCIM (Certified Commercial Investment Member), to indicate that they have trained in commercial real estate.
What Marketing Materials Does the Agent Use?
If you are selling a property, you must consider the type of marketing materials used by your prospective agent. A competent commercial real estate agent should have a cohesive and professional brochure and signage program. Read through their past brochures and find out if they were successful.
So as to achieve success, a real estate agent must have access to a broad cross section of commercial properties in his region. If you are looking to buy a commercial property, you want an agent who has knowledge of all the properties in the market. On the other hand, if you are selling a property, you want your agent to know all the places you can market it. To achieve this, a commercial real estate agent should be a paying subscriber of commercial real estate databases such as LoopNet and Catylist.
Reputable commercial real estate agents belong to professional organizations and they have strong networks with other professionals in the industry. With this, they are able to quickly find out properties in the market and to pitch their listings. Aside from that, they attend educational events organized by professional organizations. So, ask about the professional associations that your prospective agent belongs to.